Key land in Colombo vested with Urban Development Authority to launch PPP

Key land in Colombo vested with Urban Development Authority to launch PPP

The government of Sri Lanka has taken measures to vest the land on which the Colpetty market is located in the heart of Colombo belonging to the Colombo Municipal Council (CMC) with the Urban Development Authority (UDA).
The relevant gazette notification has already been issued.
Sri Lanka’s Prime Minister Mahinda Rajapaksa in his capacity as the Urban Development and Housing Minister had reportedly issued the order vesting the land with the UDA.
The land is to be developed under a Private-Public Partnership (PPP) as a mixed development project.

OSL take:

Sri Lankan authorities have placed much prominence in the sector of urban development in the overall development programme that is currently ongoing in the country. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Sri Lanka’s development agenda is therefore a futuristic one with many growing business/investment opportunities.

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Article Code : VBS/AT/2021/0428/Z_1

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